Kornitzer Capital Management Inc. KS Sells 77,933 Shares of DraftKings Inc. $DKNG

Kornitzer Capital Management Inc. KS reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.4% during the second quarter, HoldingsChannel reports. The firm owned 148,504 shares of the company’s stock after selling 77,933 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in DraftKings were worth $6,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC bought a new position in shares of DraftKings during the first quarter valued at $27,000. Bank of Jackson Hole Trust bought a new position in shares of DraftKings during the first quarter valued at $31,000. TD Private Client Wealth LLC increased its position in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the last quarter. Summit Securities Group LLC increased its position in DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after acquiring an additional 810 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in DraftKings during the second quarter valued at $48,000. 37.70% of the stock is owned by institutional investors.

DraftKings Price Performance

Shares of DraftKings stock opened at $33.00 on Friday. The stock has a 50 day moving average of $41.22 and a 200 day moving average of $39.68. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The firm has a market cap of $16.38 billion, a PE ratio of -50.77, a PEG ratio of 0.82 and a beta of 1.99. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the company earned $0.12 earnings per share. The firm’s revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $34.57, for a total value of $1,824,500.89. Following the completion of the sale, the insider directly owned 500,000 shares of the company’s stock, valued at $17,285,000. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jocelyn Moore sold 4,861 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the sale, the director directly owned 1,461 shares of the company’s stock, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 605,554 shares of company stock worth $26,515,100. 51.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Truist Financial reduced their price objective on DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, October 21st. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research report on Friday. BTIG Research reduced their price target on DraftKings from $53.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. Finally, JMP Securities reduced their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.83.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.